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EastWind [94]
4 years ago
9

Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.

Mathematics
1 answer:
Scorpion4ik [409]4 years ago
8 0
This problem can be solved by simple economics. Since compounding interest is not specified, let's keep it simple and just deal with simple interest. The equation to use is:

F = P(1+rn)
where
F is future worth
P is present worth
r is interest rate
n is time

F = (70,000)(1+0.09*35)
<em>F = $290,500</em>
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